Financial Daily Dose 9.25.2019 | Top Story: WeWork Ousts Co-Founder CEO in Bid to Save IPO

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Well, that was remarkably quick. Just days after WeWork’s board announced that it was considering replacing co-founder Adam Neumann to help clear a path to the work-share-startup’s initial public offering, Neumann stepped down as CEO—“a stunning fall for the entrepreneur who oversaw the meteoric rise of one of the most valuable start-ups to emerge in the last decade” – NYTimes and WSJ and Bloomberg

Meet the duo that will take Neumann’s place – Bloomberg

A new Labor Department rule would expand overtime eligibility for up to 1.3 million workers thanks to an increase in the monetary threshold for workers eligible for time-and-a-half OT pay – NYTimes and WSJ and Marketplace and Law360

Fresh off of revelations of a new criminal probe against it, Juul Labs is working on a staff restructuring plan. The company boomed from 225 employees in 2017 to nearly 4000, but slower anticipated sales are prompting a reassessment of future growth plans – WSJ and Bloomberg

The DOJ has charged a Fiat Chrysler senior manager with “conspiring to rig diesel-emission tests on the automaker’s vehicles” according to a federal indictment unsealed yesterday. The company agreed back in January to pay hundreds of millions to resolve lawsuits accusing it of using “illegal software to pass emissions tests” – NYTimes

In “Who needs enemies when you’ve got allies like this” news, the U.S. is reportedly considering employing a “carousel approach” in its application of tariffs to European goods in response to the EU’s illegal subsidies for Airbus. Lest that sound anything but delightful, know that the idea is to rotate the list of goods the U.S. will tax “to create uncertainty and hit as many industries as possible” – Bloomberg

It’s been a rough couple years for Big Food in general. So perhaps not altogether surprising that the 2015 mashup of two of the biggest in that category—Kraft and Heinz—hasn’t played out as promised for the combined company or its backers – NYTimes

Vox Media has acquired New York Media, parent company of New York Magazine (as well as websites The Cut, Grub Street, and Vulture), a media outlet that—despite its serious digital presence—has struggled to make money in recent years and laid off 5% of its staff last year – NYTimes

More red flags for the Fed, which was flooded this week for demands for two-week loans from banks—a sign that they “could need more cash than Fed officials had anticipated” – WSJ

And in rains/pours news for the FC crew, the EU’s second highest court ordered the company to pay $33 million in tax savings that it gained by “carving out a deal with Luxembourg, a decision that could have implications involving other global corporations, including a multibillion-dollar suit against Apple” – NYTimes

Though I never went there, the 80s child in me can’t help but feel something of a spiritual connection with Action Park—the Vernon, NJ waterpark that set safety firmly aside in the name of a throwback form of family entertainment. Which is to say the forthcoming Class Action Park documentary should be quite a ride – YouTube

MDR

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